Properties come off the market for a variety of reasons, and not selling your home can be very frustrating. However, the thing to do now is evaluate your experience while things are still fresh in your mind.
Here are the top 8 reasons we see properties come off the market without selling:
1. Packaging – was your home promoted in the best way possible?
ex. Do you have a great kitchen or fantastic outdoor living area? Were the key selling points of your home highlighted in your marketing?
2. Price – was your value justified by the best comparables?
ex. Pricing is all about factoring in what makes your home different from properties that have sold around it. Did your agent take into account that extra square footage? recent flooring upgrade? or your storage shed in order to support the best price possible?
3. Marketing – was your home advertised on all the right platforms?
ex. In all likelihood your home was placed on local MLS, the zillows and redfins of the internet, but were you placed on multiple MLS’s? Was your property advertised through targeted social media campaigns and local ads? How was it marketed within the real estate office you chose?
4. Exposure – was time, energy, and money spent to create demand?
ex. It takes a team with expertise and a significant budget to sell homes. After all, we are usually talking at least a few hundred thousand dollars, it deserves the time and effort of a group to sell a home properly.
5. Negotiations – if you received an offer, were you represented properly?
ex. There are several negotiating times during a real estate transaction. Did you have a professional help as you were negotiating price and terms? inspection repairs? and possibly after you received the appraisal results?
6. Condition – was time taken to evaluate your property for potential improvements?
ex. The first thing we all notice whether in person or online is the curb appeal. Do you need a touch of color on the porch? was the landscaping in good shape? does the trim need fresh paint?
7. Experience – was your representation qualified to cover each part of the process?
ex. Has your agent sold a home or 2 in your area and in your price range recently? Each home, area, and transaction is unique, but an experienced agent will be able to anticipate a potential setback with the appraisal or closing date.
8. Knowledge – was your agent knowledgeable of today’s market trends?
ex. Did he/she understand how to price your home in this market? What to feature to appeal to the most buyers, when to list, and where to list – did they know what to do and when to do it?
Take an honest audit of your listing. We would love to walk you through the process and give you our advice on what areas can be improved. It may be more than one, it may be a simpler fix than you think, and it’s not always the price.